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Friday, February 19, 2016
Outstanding stock options as of December 31, 2015
Range of strike prices
Number
Weighted average strike
price
Weighted average
remaining contractual life
(in thousands) (in euros) (in years)
Under €15 2,216 11.9 6.3
€15-€17 8,483 16.0 3.8
€17-€19 2,376 17.2 5.3
€19-€21 5,662 20.2 2.3
€21-€23 6,017 22.9 0.3
€23-€25 6,577 24.7 1.3
€25 and more - - -
31,331 19.7 2.6
Performance share plans
On February 27, 2015, Vivendi granted 1,449 thousand performance shares to its officers and employees. In 2014, due to changes in the
scope which had been implemented, Vivendi did not grant an annual plan to its employees and only granted 380,000 performance shares to a
member of the Management Board and certain executive officers of its subsidiaries.
On February 27, 2015, the share price was €21.74 and the expected dividend yield was 4.60%. These shares will vest at the end of a threeyear
period and the compensation cost is therefore recognized on a straight-line basis over this vesting period. They will then remain
unavailable during an additional two-year period. After taking into account a discount for non-transferability of 9.0% of the share price as of
February 27, 2015, the fair value of each granted performance share amounted to €16.98, corresponding to an aggregate fair value of
€25 million. The accounting methods applied to value and recognize these granted plans are described in Note 1.3.10.
The objectives relating to the performance conditions are assessed over a three-year period in line with what was proposed to, and adopted
by, the General Shareholders’ Meeting held on June 24, 2014.
The definitive grant is effective upon the satisfaction of the following performance conditions:
internal indicators (with a weighting of 80%), measured as of December 31, 2017 on a cumulative basis including the 2015, 2016
and 2017 fiscal years:
- the EBITA margin rate (40%), for each subsidiary, and the group’s EBITA margin for the corporate headquarters;
- the group’s EBITA growth rate (10%);
- the group’s earnings per share (30%); and
external indicators (with a weighting of 20%) tied to changes in Vivendi’s share price between January 1, 2015 and December 31,
2017 compared to the STOXX® Europe 600 Media index (15%) and to the CAC 40 (5%).
As the shares granted are ordinary shares of the same class as existing shares making up the share capital of Vivendi SA, employee
shareholders are entitled to the dividends and voting rights attached to these shares from the end of the three-year vesting period. The
recognized compensation cost corresponds to the value of the equity instruments received by the beneficiary, and is equal to the difference
between the fair value of the shares to be received and the discounted value of dividends that were not received over the vesting period.
In 2015, the charge recognized with respect to equity settled instruments amounted to €11 million, compared to €9 million in 2014.
18.1.2 Employee stock purchase and leveraged plans
On July 16, 2015, Vivendi undertook a capital increase reserved for employees (stock purchase and leveraged plans) which allowed the
majority of its employees and retirees to subscribe for Vivendi shares.
These shares, which are subject to certain sale or transfer restrictions, may be subscribed by employees for a maximum discount of 15% on
the average opening market price for Vivendi shares during the 20 trading days preceding the date of approval of the share capital increase
by the Management Board and the subscription price of new shares to be issued. The difference between the subscription price of the
shares and the share price on that date represents the benefit granted to the beneficiaries. Furthermore, Vivendi applied a discount for nontransferability
in respect of the restrictions on the sale or transfer of the shares during a five-year period, which is deducted from the benefit
granted to the employees. The value of the subscribed shares is estimated and fixed at the date of the subscription price for new shares to
issue.
Financial Report and Audited Consolidated Financial Statements for the year ended December 31, 2015 Vivendi /80